Pyramid’s MX is a monumental endeavor
Of the St. Louis American
St. Louis could be joining other successful cities that boast a vibrant Downtown retail district.
The Pyramid Companies announced on Wednesday a $350-million expansion of its plan to dramatically improve the core of Downtown St. Louis at 7th Street and Washington Avenue.
The Mercantile Exchange (The MX) will be anchored to the north by The Laurel (formerly the Dillard’s Building), by Macy’s to the south, and will include The Concord (formerly St. Louis Centre), the One City Centre tower and Mercantile Library building.
“We’ve been building this in our minds for a long time. Now we’re really going to build it,” Pyramid CEO John Steffen said.
“We’re at the core of Downtown St. Louis. For centuries, people have come here to shop, gather and mingle. These streets will be crowded again.”
Scheduled for completion in 2010, Pyramid has invested $100 million in the project and estimates the cost will top $450 million.
“This is most exciting,” a thrilled Comptroller Darlene Green said following Wednesday’s press conference at The Laurel.
“It will be really great for the city’s convention business to have this open. It’s going to be huge.”
Kitty Ratcliffe, St. Louis Convention and Visitors Commission director, said The MX “is the front door to the Convention Center. I’ve been in St. Louis for 16 months and have been waiting every day for this announcement.”
This makes it the best day since I’ve been here.”
Lewis Reed, Board of Aldermen president, called The MX “a symbol of the revitalization of the retail business in Downtown.”
“It will help the African-American community because there will be more jobs that will be more centrally located and accessible,” Reed said.
“John Steffen has also been a good steward in the past in working toward the goals for minority participation set forth by the City.”
Alderwoman April Ford Griffin said the new neighborhood and retail area would help her constituents who live near Downtown St. Louis.
“This is definitely a good thing for us. It will certainly impact us in a positive way,” she said.
The MX plan calls for 175 residential condominiums, 120 luxury apartments, 525,000 square feet of new or redeveloped office space and 1,200 new parking spaces. More than 160,000 square feet of new retail space will join Macy’s’ 300,000 square feet. Developers hope to add apparel and furniture retailers, restaurants, entertainment and music venues.
In addition, a 216-room, full-service hotel will be constructed.
Pyramid will also make the area more visitor-friendly with new traffic flow patterns, wider sidewalks and better lighting.
Mayor Francis G. Slay said, “This is a great week for the city and Downtown,” referring also to the Centene Corporation’s headquarters moving to Ballpark Village.
Slay said, “People are working hard to unlock Downtown’s potential.”
Pyramid is partnering with General Growth Properties to develop the retail aspect of The MX. Mark Hunter, GGP vice president of leasing and client services, said Steffen “had a special idea here.”
“This Downtown is an exciting place and it is about to get more exciting,” Hunter said
Another partner in the project is national developer Spinnaker Real Estate of Stamford, Conn.
Its president, Clay Fowler, said his firm does not invest where it does not see commitment from civic leaders.
“We see it here,” he said.
License Collector Mike McMillan called Wednesday “a big day for the city.”
“We salute all businesses that decide to do business in the city and help revitalize Downtown,” he said.
Gov. Matt Blunt called The MX project “innovative,” and said it could “transform these critical blocks.”
Blunt said, “It is important to not just the city, but the entire state.”
Rodney Crim, St. Louis Development Corp., executive director, said, “We have to keep the momentum going. There are still many opportunities in the city. We want to encourage developers to bring their ideas to us.”
